Turkey Economic Outlook
May 10, 2022
The economic panorama deteriorated in the first quarter of 2021, a trend which continues into the second. Industrial output moderated on average in January–February, retail sales growth moderated notably through February, and the manufacturing PMI fell into contractionary territory in March amid the war in Ukraine. Inflation ballooned as the conflict drove up commodity prices. This will have a notable impact on household spending as purchasing power is diminished. Moreover, as producer price inflation skyrocketed through March, the worst is likely yet to come as companies pass costs to consumers. Downbeat consumer sentiment through April will further dent spending. More positively, business confidence rose to a seven-month high in April on the back of rosier expectations. The manufacturing sector’s capacity utilization rate rose to a four-month high in the same month.Turkey Economic Growth
Economic growth will decelerate this year amid the fallout from the Russia-Ukraine war, and the balance of risks is clearly skewed to the downside. Red-hot inflation will erode purchasing power, curbing real wage gains. An unstable currency amid unorthodox economic and monetary policies poses a further risk. That said, a tighter labor market should support consumption. FocusEconomics Consensus Forecast panelists project the economy to expand 2.9% in 2022, which is down 0.1 percentage points from last month, and 3.4% in 2023.Turkey Economy Data
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Turkey Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 12.00 | -0.09 % | Dec 31 |
| Exchange Rate | 5.95 | -0.85 % | Jan 01 |
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Turkey Economic News
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Turkey: Industrial output decelerates in March
May 13, 2022
Industrial output rose 9.6% year-on-year in March (February: +13.3% yoy).
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Turkey: Inflation comes in at highest level since our records began
May 6, 2022
Consumer prices rose 7.25% over the previous month in April, accelerating from the 5.46% increase logged in March.
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Turkey: Manufacturing PMI moderates in April
May 5, 2022
The ICI Manufacturing Purchasing Managers' Index (PMI) fell to 49.2 in April from March's 49.4.
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Turkey: Business confidence improves in April
April 25, 2022
Business confidence came in at 109.7 in April, up from March's 108.5.
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Turkey: Consumer sentiment drops in April
April 22, 2022
Consumer sentiment dropped to 67.3 in April from March’s 72.5.
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